The estimated yearly tuition costs for each student covered by the scholarship are $55,018, according to the school.
NYU School of Medicine announced it is offering full-tuition scholarships to all current and incoming students in its MD degree program in an attempt to stifle the rising costs of medical education, remove financial barriers for potential students and prepare for a looming physician shortage. And some aspiring doctors may abandon the career path altogether, or not even consider medicine in the first place.
Medical schools across the US are looking to attract new students, but raising tuition and loan balances are pushing would-be physicians into higher-paying professions. The university has raised $450 million out of the $600 million it estimates it will need to cover the scholarships, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine, according to the publication.
The Wall Street Journal reported today the move is a first among major USA medical schools. One thing is for certain: It just became even harder to get into NYU. What's more, 21 percent of doctors graduating from a private school do so with over $300,000 of educational debt. However, receiving the scholarship, medical students will still have to pay for the accommodation in hostels and utilities.
In total, 75 percent of medical students graduated with debt due to their degree, according to the Association of American Medical Colleges (AAMC). Professionals from NYU say this enormous debt has influenced medical students to pursue more profitable fields in the profession, rather than less financially generous ones like pediatrics or primary care. On the other hand, UCLA also covers living expenses for those who win the scholarships, which the NYU program does not. "For us, it's important to have the best applicant pool possible, and society deserves nothing less".
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In connection with the catastrophic shortage of doctors in the country University of NY made a decision to alleviate the financial burden of studying current and future medical students.
Fresne said multiple factors influence what kind of medicine a student chooses to practice after medical school, like personality fit and role models.
"We believe that with our tuition-free initiative, we have taken a necessary, rational step that addresses a critical need to train the most talented physicians, unencumbered by crushing debt", says Grossman.
NYU is able to offer the generous package thanks to more than 2,500 supporters, including trustees and alumni.